How To Invest In Detroit Real Estate From Another State? – Martin Samarco
On this episode of The Closing Table, we sat down with Martin Samarco!
To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…
Here’s what you missed from Martin Samarco…
The conversation began with a word association on property management, appreciation, and more. Beyond the world of real estate, Martin is a devoted father of three. He finds immense joy in various aspects of life, especially in having fun and maintaining a vibrant energy. Martin is a firm believer in the power of positive company and constantly seeks personal growth and exciting experiences. His interests span from regular workouts and basketball games to exploring new destinations through travel.
Geographically, Martin’s real estate expertise extends across the sprawling Metro Detroit area. Regardless of which direction you head within a 45-minute radius of Detroit – north, east, south, or west – Martin is your go-to expert. This region is marked by its vibrant local communities, iconic landmarks, and a host of attractions.
Economically, the Metro Detroit market remains dynamic. Properties that are appropriately priced tend to sell rapidly. Martin has experienced bustling open houses with 30 to 40 potential buyers attending. However, there’s been a noticeable shift in the market over the past three years. Historically low interest rates led to an influx of buyers, but now, success in real estate requires strategic thinking, honed skills, and a proactive approach. Martin emphasizes the importance of revisiting fundamental techniques like reaching out to personal networks through cold calls. The market is currently favorable, allowing properties to be sold at record speeds. The Metro Detroit market stands out for its diversity and boasts the highest number of residential houses in the United States, a result of its association with the three major automakers.
Martin’s transition from a professional basketball career to real estate is a fascinating journey. When asked about the pivotal moment that ignited his interest in real estate during his basketball days, Martin recalls that it happened almost by chance. At the age of 32, he was in the process of selling his first house, and the realtor handling the transaction was a young 24-year-old. This realtor successfully sold Martin’s house and even his mother’s property before moving to Atlanta. Upon calculating the earnings, Martin couldn’t help but notice the substantial income potential in real estate. Martin’s innate proficiency with numbers further fueled his curiosity. In the end, he was unable to ignore the financial opportunity he had witnessed, promptly obtaining his real estate license within the following week. His journey from the basketball court to the world of real estate was born out of a desire to delve deeper into this promising field.
Following that, Martin highlights that his basketball background significantly contributed to his effective time management. Drawing parallels between the structured athlete’s routine and his real estate commitments, he deftly translated the discipline of morning and evening training into prospect meetings and house showings. This seamless transition was facilitated by his experience in making swift decisions under pressure during basketball games. Just as in his sports career, real estate transactions involve immense pressure due to their high-stakes nature. Martin’s earnest approach to real estate, stemming from his basketball ethos, propelled him to construct a solid foundation by understanding transactional processes, mastering terminology, and establishing a cohesive team. He tailors his approach based on the client, focusing on education for first-time homebuyers and offering specialized services for professional athletes.
Martin acknowledges that every realtor faces the challenge of demanding clients who might call early in the morning with concerns. His strategy revolves around maintaining composure and actively seeking solutions. Recognizing that these clients often grapple with anxiety, he adopts a firefighting approach, addressing their concerns and doubts. Establishing trust is vital, and Martin’s emphasis lies in assuring clients of his unwavering support, emphasizing that they are working together as a cohesive team.
Next, Martin reminisces about a notable deal he orchestrated about a year and a half ago. Initially initiated through an Instagram message from a Californian buyer, the deal grew into a tangible endeavor. Through virtual tours, discussions, and offers, they identified a duplex property on Detroit’s east side. Martin’s adept negotiation skills shone as the property appraised for a substantial $400k, and strategic tenant management further elevated its value. Despite a setback with a property management company, Martin’s persistence in assisting the client yielded impressive results. The property thrived with multiple tenant applications and smooth operations, underscoring Martin’s mastery in facilitating complex investment deals while fostering positive client relationships.
Martin reflects on the importance of flexibility and compromise in real estate transactions. There are times when sellers hold firm to their initial expectations, even if they were informed of the property’s realistic value during consultations. When appraisals align with Martin’s initial assessment, negotiations can become strained, with requests for reduced commissions and additional concessions. Through his experiences, Martin learned that sometimes it’s necessary to make concessions for the greater good of closing a deal. He emphasizes that real estate isn’t just about personal pride but, rather, serving the client’s best interests. This lesson was hard-earned, as he had lost deals in the past due to unwavering positions, realizing that, in some cases, securing something is better than nothing, especially when it benefits the client’s goals.
Martin also acknowledges that as a real estate agent, he frequently encounters such scenarios. Many homeowners expect top dollar for their properties, even after decades of ownership. He emphasizes the importance of realism in such cases. While it’s possible to test the market initially, if the desired activity isn’t generated, it becomes necessary to address any issues or undertake improvements. Maintaining the property’s aesthetics, such as painting and upkeep, can significantly enhance its appeal. Martin underlines the importance of recognizing that not all buyers possess a vivid imagination, so presenting a well-maintained and visually appealing property is crucial. Features like a well-designed kitchen and a master suite often receive the most attention from buyers.
The conversation wraps up with Martin sharing his approach to owning his first home given the knowledge and resources he has today. Martin places a strong emphasis on personal well-being as a foundation for homeownership. He underscores the significance of maintaining physical and mental health, drawing from his own experiences. Prioritizing self-care enables individuals to be at their best to navigate the challenges of homeownership. He highlights that achieving homeownership should not come at the cost of one’s overall lifestyle, but rather it should be a gradual process that aligns with personal growth.
Martin suggests seeking guidance from a knowledgeable agent who can educate and guide through the process. He emphasizes that, especially for first-time homebuyers, it’s essential to avoid becoming house-poor by selecting a home that aligns with your lifestyle and financial situation. Rather than pursuing a dream home immediately, he advocates taking baby steps, securing a starter home that allows for gradual growth and maintaining the desired lifestyle. The ultimate goal is to grow both professionally and personally while achieving homeownership that fits one’s evolving needs and aspirations.
Check out Martin Samarco:
Facebook: https://www.facebook.com/msamarco
Facebook Business Page: https://www.facebook.com/MakeMovesMarco
Instagram: https://www.instagram.com/samarcorealestate/
If you loved this episode subscribe so you never miss one! Want more The Closing Table content? Head over to our blog.